{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{tabular}{l*{1}{cccccc}}
\hline\hline
                    &\multicolumn{6}{c}{}                                                         \\
                    &        Mean&      Median&   Std. Dev.&         Min&         Max&        Obs.\\
\hline
\\
\multicolumn{7}{l}{\textbf{Panel A: Auction Summary Statistics}} \\
Offering Amount (billions)&       22.48&       22.00&        9.02&        5.00&       44.00&        1047\\
Total Tendered (billions)&       61.98&       57.91&       29.91&       11.35&      160.96&        1047\\
Term (Years)        &        8.23&        5.00&        8.68&        2.00&       30.25&        1047\\
High Yield          &        3.01&        2.68&        1.83&        0.22&        7.79&        1047\\
Bid-to-Cover        &        2.60&        2.58&        0.45&        1.22&        4.07&        1047\\
Bid-to-Cover by type$^\sharp$& & & & & & \\
\qquad Direct Bidders&        0.22&        0.21&        0.16&        0.00&        0.80&         827\\
\qquad Indirect Bidders&        0.54&        0.53&        0.17&        0.03&        1.05&         827\\
\qquad Primary Dealers&        1.92&        1.87&        0.34&        0.98&        3.12&         827\\
Fraction Accepted by type$^\dag$& & & & & & \\
\qquad Depository Institutions&        0.59&        0.15&        2.09&        0.00&       31.79&         896\\
\qquad Individuals  &        0.98&        0.23&        2.13&        0.00&       18.93&         896\\
\qquad Dealers      &       53.44&       53.07&       16.22&       12.08&       97.73&         896\\
\qquad Pensions     &        0.11&        0.01&        0.74&        0.00&       20.91&         896\\
\qquad Investment Funds&       25.81&       23.05&       16.95&        0.23&       73.91&         896\\
\qquad Foreign      &       19.22&       18.10&        8.74&        0.34&       61.01&         896\\
\qquad Other        &        0.25&        0.03&        0.91&        0.00&       13.46&         896\\
\hline
\\
\multicolumn{7}{l}{\textbf{Panel B: Shock Summary Statistics}} \\
\( D_t \)           &        0.03&        0.00&        2.12&       -8.30&       17.80&        1047\\
\( D_t^{(2Y)} \)    &       -0.06&        0.00&        1.39&       -5.20&        4.40&         256\\
\( D_t^{(3Y)} \)    &        0.15&        0.10&        1.32&       -5.30&        5.00&         134\\
\( D_t^{(5Y)} \)    &        0.20&        0.30&        1.94&       -5.55&        8.50&         233\\
\( D_t^{(7Y)} \)    &       -0.28&        0.05&        2.10&       -8.30&        5.50&         106\\
\( D_t^{(10Y)} \)   &       -0.04&       -0.05&        2.55&       -6.80&       12.20&         186\\
\( D_t^{(30Y)} \)   &        0.09&       -0.15&        3.28&       -7.40&       17.80&         132\\
\hline
\\
\multicolumn{7}{l}{\textbf{Panel C: Shocks Across Regimes}} \\
Non-ZLB             &        0.08&        0.10&        2.02&       -7.40&       12.20&         563\\
ZLB                 &       -0.03&        0.00&        2.23&       -8.30&       17.80&         484\\
Expansion           &        0.03&        0.00&        2.03&       -8.30&       17.80&         963\\
Recession           &       -0.07&       -0.05&        2.95&       -7.10&        9.50&          84\\
\hline
\\
\multicolumn{7}{l}{\textbf{Panel D: Non-Auction Shocks}} \\
\( \tilde{D}_t^{(2Y)} \)&       -0.07&        0.00&        1.32&      -19.20&       11.00&        1225\\
\( \tilde{D}_t^{(5Y)} \)&       -0.01&        0.00&        1.13&      -17.40&       12.90&        1924\\
\( \tilde{D}_t^{(10Y)} \)&       -0.01&        0.00&        1.03&      -13.30&        8.90&        2151\\
\( \tilde{D}_t^{(30Y)} \)&        0.01&        0.00&        0.92&       -8.50&        5.60&        1914\\
\hline\hline
\end{tabular}
}
